Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the amount of money a player wins or loses) in a single game is as follows:

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Chapter1: Combinatorial Analysis
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Your friend Phil, asks you what you think about a new scratch-off
lottery game. It costs $10 to play this game, There are two outcomes
for the game (win, lose) and the probability that a player wins a game is
60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to
play). The probability distribution for x (the amount of money a player
wins or loses) in a single game is as follows:
x + Net Money Won or Lost P(x) → Probability
Win
0.60
Lose
+ + $
0.40
Using the information in the table, complete the following
1. Interpret the table. There is a 40% + chance of winning
$10 + and a 40% + chance of losing $10 +
2. What is the expected value of x? E(x) =
3. What is the standard deviation? o =
(Round to then
nearest hundredth).
Transcribed Image Text:Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the amount of money a player wins or loses) in a single game is as follows: x + Net Money Won or Lost P(x) → Probability Win 0.60 Lose + + $ 0.40 Using the information in the table, complete the following 1. Interpret the table. There is a 40% + chance of winning $10 + and a 40% + chance of losing $10 + 2. What is the expected value of x? E(x) = 3. What is the standard deviation? o = (Round to then nearest hundredth).
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